William P. (Bill) Boltz Executive Vice President, Merchandising | Lowe's
William P. (Bill) Boltz Executive Vice President, Merchandising | Lowe's
Lowe's Companies, Inc. has announced its financial results for the fourth quarter of 2024, reporting net earnings of $1.1 billion and a diluted earnings per share (EPS) of $1.99. This is an increase from the previous year's fourth quarter EPS of $1.77. The company also recognized a pre-tax gain of $80 million related to the sale of its Canadian retail business in 2022, which positively affected the diluted EPS by $0.06. Excluding this gain, adjusted diluted EPS stood at $1.93.
The company's total sales for the quarter amounted to $18.6 billion, with comparable sales increasing by 0.2%. The rise was driven by strong performance in Pro and online sales, holiday activities, and rebuilding efforts following recent hurricanes but was partially offset by reduced discretionary spending among DIY consumers.
"Our results this quarter were once again better-than-expected, as we continue to gain traction with our Total Home strategic initiatives," said Marvin R. Ellison, Lowe's chairman, president and CEO.
As part of its capital allocation strategy, Lowe's repurchased approximately 5.5 million shares for $1.4 billion during the quarter and paid dividends totaling $650 million.
Looking ahead to fiscal year 2025, Lowe's anticipates total sales between $83.5 billion and $84.5 billion with comparable sales expected to remain flat or increase slightly compared to last year.
A conference call discussing these results is scheduled for today at 9 a.m., accessible via webcast on Lowe’s website.
Lowe's operates over 1,700 stores across North America with more than 300,000 employees serving millions weekly in customer transactions.
Alerts Sign-up